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Home My WebLink About0983 U*~IFC~RM Cuvt:N~NI:~. I3orrawer and Lendcr covenant and agre~ a~ R~ilows: • , 1. Yayment of Principal and Interest; Preps~yment and Late Charges. Borrowcr ~hall rromptly'pay whcn duc the principal of and interest on the debl evidenced by the Note and any prepayment and (ate chargcs due under the Note. 2. Funds [o~ Taxea and Insurance. Subject to applicab{e law or to a written waiver by Lender. IIorrower sha11 pay to Lender on the day monthly payments are due undcr the Note, until the Note is paid in fu~l, a sum ("Funds") equal to one-twelRh of: (a) yearly taxes and assessments which may attain priority ov~r this Security Instrument; (b) yearly leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums: and (d) yearly mostgage insurance premiums, if any. Thae items are called "escrow items." Lender may cst~~=~~:i ehe Fu~ds due on the basis of current data and reasonable estimates of future escrow items. . 'The Funds s.ha1! be held in an institution the deposits v~ a~:.:,~nts o~ which are insured or guaranteed by a federal o~ state agency (including Lender if I.ender is such an institution). L.ender shall apply the Funds to pay the escrow items. Lendtr may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unless Lender pays Borcower interest on the Funds and applicable 1aw permits Lender to make such a charge. Borrower and Lender may agree in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law requires interest to be paid, L.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annua! accounting of the Funds showing credits and debits to the Funds and the purpo~st for which each debit to tfie Funds was made_ The Funds are pledged as additional security for the sums secured by this Security Instrument. If the amount of the Funds held by Lender, together with the future monthly payments oi runds payabiC p~ ~or to the due dates of the escrow items, shali exceed the amount required to pay the escrow icems when due, the excess shall be, at Bi~rrowtr's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. If the amount of th~ Funds fieid by I.ender is not sufficient to pay the tscrow items when due, Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as required by Le~der. Upon payment in full of all sums secured by this Security Instrument, L.ende~ shall promptly refund to Borrower any Funds held by Lender. If under paragraph l9 the Property is sold or acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lerider, any Func~s held by Lender at the timc of application as a credit against the sums securcd by this Security Instrument. 3. Applicatioa o[ Payrreats. Unless applicable law provides otherwix, al{ paymcnls received by Lender under paragraphs 1 and 2 shall bt applied: first. to late charges due under tht Note; second, to prepaymtnt charges due undtr the Note; third, to amounts payable under paragraph 2; fourth, to interest due; and }ast, to principal due. 4. Charges; Llens. Borrower shail pay rJt taxes, assessments, charges, fines and impositions attributable to the • Praperty whicfi may attain priority ovcr this S+xurity Instrument. 1_easehold paymcnts or ground rents, if any. Borrower shall pay these obligations in the manner provided in paragraph 2, or if not paid in that mann~r, Borrower shalt pay them on time directly to the person owed paymtnt. Borrower shall promptiy furnish to Lender all notices of amounts to tx paid under this paragraph. If Borrower makes these payments directly, Borrower shaU prc-;:'!; furnish to Lender receipts evidencing the payments. Borrower shafl promptly discharge any lien which has priority over this Security Instrument unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good faith the lien by, or defends against enforcement of the lien io. legal Qroccedings which in the Lender's opinion operate to prevent the enforcement of the lien or forfeiture of any paR of the Property; or (c) secures from the holder of the lien an . agrecment satisfactory to Lender subordinating the lien to this Socurity Instrument. If Lender determines that any part of the P~operty is subject to a lien which may attain priori!y over this Sccurity Instrument, Lender may give Borrower a notice identifying the lien. Bortower shall satisfy the lien or take one oc more of thc actions set forth above within 10 days of the giving of notice. S. Hatard Insurante. Borrower shall kaep the improvements now ezisting or hereafter erected on the Property insurcd against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Lender requira insurartce. This insurance shall be maintained in the amounts and for tht periods that I.ender requira. Th~ insurance carrier providing t~he insurance shall be chosen by Borrower sub}ect to L.ender's appro~al which shall not be unreasonably withheld. All insurance policies aiid reneK~als shall be acceptable to Lender and shalt include a standard mortgage clause. L.ender shall have the right to hold the policies and renewals. If I.ender requires, Borrower shall promptly give to Lender all receipts of Qaid premiums and renewal notices. In the event of loss, Borrower shall give prompt notice to the insurance ~ carrier and Lcnder. L,ender may make proof of loss if not made promptly by Borrower. ~ ; Unless Lender and Borrcwer otherwise agrce in writing, insurance proceeds shall be applied to restoration or repair of ihe Property damaged, if the restoration or rPpair is economically feasible and I,ender's security is not lessened. If the restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall be ~ applied to the sums secured by this 5ecur'sty Insttument, whether ar not then due, with any excess paid to Borrower. If ~ Borrower abandons the Property, or dces not answer within 30 days a notice from Lender that the insutance carrier has ~ offered to settle a claim, then L,ender may collect the insurance proceeds. Lender may use the proceeds to repair or restore ~ the Property or to pay sums secured by this Security Instrument, whether or not then due. The 30-day period witl begin ~ when the notice is given. " Unless L.ender and Borrower otherwi$e agiee in writing, any app{ication of' proceeds to ptincipaf shail not extend or ~ postpone the due date of the monthly payments referred to in paragraphs i and 2 or change the amount of the payments. If under paragraph 19 the Property is acquired by I,ender, Borrower's right to any insurance policies and proceeds rtsulting ~ from damage to the Property prior to the sequisition shall pass to Lender to the extent of the sums secured by this Security ~ Instrument immediately prior to the acquisition. 6. Presenation and Maintenaace of Property; Leasehotds. Borrower shall not destroy, damage or substantiaily ~ change the Property, allow the Property to deteriorate or commit waste. If this Security Instrument is on a leasehold, ° Borrower shall comply with the pro~isions oCthe lease, and if Borrower acquira fee title to the Property, the leasehold and ~ fet title shatl not merge unless I,ender agrees to the merger in writing. ' ~ 7. Psotectioa ot Lender's Rights in the Property; Mortgage Insurance. It' Borrower fails to perform the covenanis and agreements contained in this Secusity Instrument, or there is a legal proceeding that may significantly affect Lender's rights in the Propsrty (such as a proceeding in bankruQtcy, probate, for condemnation or to enfarce laws or regulations), then Lender may do and pay for whatever is necessary to proteci the value of the Property and Lender's rights in the Property. l,ender's actions may include paying any sums secured by a lien which has priority over this Security ; Instrument, appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although ~ L,ender may take action under this paragraph 7, I.tnder does not have to do so. ' Any amounts disbursed by L.ender under this paragraph 7 shali become additional debt of Borrowcr srcured by this Securiry Instrument. Unless Borrower and Lender agree to other terms of Qayment, these amounts shall bear interest from ~ the date of disbursement at the Note rate and shall be payable, with interest, upon notice from Lender to Borrower ~ ~ requcsting payment. K y ~ u ~ r;R 7~ ~ . aooK4~~. pACE ~ ~ . - a: . 4. y'~ r 'k ;'F'~"' ~~t~'a-,.""'. 'Y` ` >•s `~.R~u'a... ? ~ t